Iron ore rises, aluminium at 13-year high

By Staff reporter / October 12, 2021 / www.mining-journal.com / Article Link

Supply pressure has pushed the aluminium price to its highest point since 2008, with the spot price up 3.27% to US$3,044.50 per tonne.

Marex's Al Munro on the LME desk referred to a report that Europe's aluminium production might come to a complete stop by year-end as current magnesium inventories - where China is the main supplier - are only expected to last to the end of November.

China's power woes look set to worsen with heavy flooding impacting the key coal producing region of Shanxi.

Elsewhere, the iron ore price rose US$11.90 or 9.5% to $136.95/t, according to Australian online broker CommSec.

Gold is similar to this point yesterday at $1,754 an ounce on the spot market.

Anglo American led gains among mining majors in London with a 5.2% rise and Antofagasta closed up 4.18%.

Freeport-McMoRan finished up 3.27% in New York and BHP was 1% higher in morning Australian trade.

Toronto markets were closed for Thanksgiving yesterday.

Recent News

Immediate trigger for crash was new Fed Chairman pick

February 02, 2026 / www.canadianminingreport.com

Gold stocks slump on metal price decline

February 02, 2026 / www.canadianminingreport.com

Is the gold market starting to turn 'irrationally exuberant'?

January 26, 2026 / www.canadianminingreport.com

Gold stocks explode up as equity markets languish

January 26, 2026 / www.canadianminingreport.com

Gold stocks outpace flat large caps

January 19, 2026 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok